5 November 2012
In this week's Tax highlights we feature:
- Not-for-profits (NFP) reform: The Bill proposing to establish the new Australian Charities and Not-for-profits Commission has passed the Senate and is awaiting Royal Assent. Also, the NFP Sector Tax Concession Working Group has released a discussion paper on how tax concessions for the NFP sector could be made fairer, simpler and more effective
- Review of tax arrangements applying to permanent establishments: A discussion paper has been released on the merits of Australia adopting the functionally separate entity approach to the determination of profits attributable to a permanent establishment in its tax treaty negotiations and in domestic law
- Cases – deductions allowed for tax losses: Deloitte Lawyers, in its role as instructing solicitor, has been successful in Federal Court proceedings concerning whether tax losses made from the sale of shares by various entities within the Visy group were deductible. It was held that the deductions were allowable on the basis that losses were made as part of a ‘profit-making scheme’.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, international news and ATO information and releases.
Read and download Tax highlights in PDF format for additional information